Delek Logistics launches $175M common unit public offering

Delek Logistics Partners, LP (NYSE: DKL) has announced an underwritten public offering of $175 million in common units representing limited partner interests, according to a press release from the Brentwood, Tennessee-based midstream energy partnership.

The offering is being made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Delek Logistics intends to grant underwriters a 30-day option to purchase up to an additional $26.25 million in common units.

The company said it plans to use the net proceeds to repay outstanding borrowings under its revolving credit agreement and for general partnership purposes.

Truist Securities, Mizuho, and Raymond James & Associates are acting as joint book-running managers for the offering.

The offering is subject to market and other conditions, and the company noted there is no assurance as to whether or when it may be completed, or as to its actual size or terms.

Delek Holdings (NYSE: DK) owns the general partner interest as well as a majority limited partner interest in Delek Logistics and is also a significant customer of the partnership.

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